Guideline Value for VARADARAJA MUDALI STREET

Varadaraja Mudali Street guideline value

The current guideline value of Varadaraja Mudali Street is Rs 6,600 per sq.ft, effective from 1 July 2024. This street is located in Tnagar village, under the Thiyagaraya nagar SRO, and is classified as Residential Class III Type - I.

How the guideline value of Varadaraja Mudali Street has changed

The guideline value for Varadaraja Mudali Street has seen several revisions over the years. The earliest recorded value was Rs 1,135 per sq.ft in 2002, which increased to Rs 1,260 per sq.ft in 2003, marking a rise of 11%. Following this, the value rose significantly to Rs 2,000 per sq.ft in 2007, representing a 59% increase. In 2012, the value changed to Rs 6,000 per sq.ft, showing a substantial increase of 200%. However, in 2017, it decreased to Rs 4,020 per sq.ft, a decline of 33%. The value then increased to Rs 6,000 per sq.ft in 2023, and finally, it rose to Rs 6,600 per sq.ft in 2024, reflecting a 10% increase.

Overall, from 2002 to 2024, the guideline value has increased by 481%. There are no figures available for the revisions in years other than those listed.

Guideline values in Tnagar

In Tnagar, there are 262 streets under the Thiyagaraya nagar SRO that carry a 2024 guideline value, ranging from Rs 4,400 to Rs 27,500 per sq.ft. The median guideline value for these streets is Rs 11,000 per sq.ft, placing Varadaraja Mudali Street's 2024 figure below the median.

• Vasan Street: Rs 13,200 per sq.ft (2024)
• Valmiki Street: Rs 14,300 per sq.ft (2024)
• Vaidyaraman Street: Rs 14,300 per sq.ft (2024)
• Usman Road (Part I New Boag Road To Bus Stand): Rs 27,500 per sq.ft (2024)
• Usman Road (Part III Nageswara Rao Road To Kodambakkam High Road): Rs 27,500 per sq.ft (2024)
• Usman Road (Part II Bus Stand To Pangal Park): Rs 27,500 per sq.ft (2024)

Stamp duty and registration fee for property in Varadaraja Mudali Street

For a 1,000 sq.ft plot at the current guideline value of Rs 6,600 per sq.ft, the total guideline value would be Rs 66,00,000. The stamp duty at 7% would be Rs 4,62,000, and the registration fee at 2% would be Rs 1,32,000, making the total charges Rs 5,94,000. Please note that duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Varadaraja Mudali Street?

The Sub Registrar Office that covers Varadaraja Mudali Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Tnagar

The guideline value is an important figure used during the registration of property transactions in Tnagar. It serves as a benchmark for determining the stamp duty and registration fees applicable to the property being bought or sold.

When you register a property, the guideline value is considered to ensure that the transaction is recorded at a fair value. This helps in maintaining transparency in property transactions and ensures that the appropriate taxes are collected by the government.

Frequently asked questions

What is the current guideline value of Varadaraja Mudali Street?

The current guideline value of Varadaraja Mudali Street is Rs 6,600 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,135 per sq.ft in 2002 to Rs 6,600 per sq.ft in 2024, showing an overall increase of 481% over the years.

What is the land classification for Varadaraja Mudali Street?

Varadaraja Mudali Street is classified as Residential Class III Type - I.

Where can I find the registration office for Varadaraja Mudali Street?

The registration office for Varadaraja Mudali Street is the Thiyagaraya nagar Sub Registrar Office, located at 27/14, Vetnari Hospital Road, Panpet, Nandhanam, Chennai-35.

How is stamp duty calculated for properties in Varadaraja Mudali Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 66,00,000, the stamp duty would be Rs 4,62,000 at a rate of 7%.